EXCHANGE ON DIVIDEND.

Auckland Star, Volume LXII, Issue 38, 14 February 1931, Page 11

EXCHANGE ON DIVIDEND.

STOCKBROKERS PROTEST. " TANTAMOUNT TO INFLATION." (By Telegraph.—Own Correspondent.) WELLINGTON, Friday. Members of the Wellington Stock Exchange at their first call this morning passed the following resolution: — "That this Exchange views with very serious concern the proposal by the directors of the Bank of New South Wales to pay the dividend to New Zealand shareholders in Australian currency and considers that such a praeticc is tantamount to inflation and penalises New Zealand .shareholders to the benefit of Australian shareholders, and' that a strong protest should be made by this Exchange and every assistance should be given to shareholders to resist this unfair imposition,"

GOVERNMENT ACTION URGED

(By Telegraph.—Press Association.)

CHRISTCHURCH, Friday.

The following resolution was carried at the afternoon call of the Christchurcli Stock' Exchange:—

"This Exchange strongly protests to the directors of the Bank of New South Wales, against the bank's departure from the usual practice of paying dividends to New Zealand shareholders free of exchange in New Zealand, and requests the Stock Exchange Association of New Zealand immediately to approach Parliament with a view to taking such steps as may be deemed necessary to protect New Zealand depositors in Australian banks against the possibility of the underlying principle being carried further."